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Employee Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2018
Benefit Cost Information or Defined Benefit Plan and Other Postretirement Benefit Plan
Summarized financial information about postretirement plans, excluding defined contribution retirement plans, is presented below:
 
Pension Benefits
 
Other Benefits
 
Year Ended December 31
 
2018
 
2017
 
2018
 
2017
Change in Benefit Obligation
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
4,296

 
$
4,126

 
$
765

 
$
758

Service cost
36

 
41

 
11

 
12

Interest cost
128

 
129

 
28

 
32

Actuarial (gain) loss(a)
(256
)
 
20

 
(79
)
 
16

Currency and other
(96
)
 
221

 
(5
)
 
(3
)
Benefit payments from plans
(198
)
 
(218
)
 
—

 
—

Direct benefit payments
(8
)

(8
)

(48
)

(50
)
Settlements and curtailments
(215
)
 
(15
)
 
1

 
—

Benefit obligation at end of year
3,687

 
4,296

 
673

 
765

Change in Plan Assets
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
3,897

 
3,534

 
—

 
—

Actual return on plan assets
(132
)
 
333

 
—

 
—

Employer contributions
166

 
53

 
—

 
—

Currency and other
(116
)
 
204

 
—

 
—

Benefit payments
(198
)
 
(218
)
 
—

 
—

Settlements
(219
)
 
(9
)
 
—

 
—

Fair value of plan assets at end of year
3,398

 
3,897

 
—

 
—

Funded Status
$
(289
)
 
$
(399
)
 
$
(673
)
 
$
(765
)

(a) The actuarial gains in 2018 were primarily due to discount rate increases.
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
Information for the Principal Plans and All Other Pension Plans
 
Principal Plans
 
All Other
Pension Plans
 
Total
 
Year Ended December 31
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Projected benefit obligation (“PBO”)
$
3,094

 
$
3,567

 
$
593

 
$
729

 
$
3,687

 
$
4,296

Accumulated benefit obligation (“ABO”)
3,094

 
3,513

 
521

 
658

 
3,615

 
4,171

Fair value of plan assets
2,936

 
3,312

 
462

 
585

 
3,398

 
3,897
Pension Plans with an ABO in Excess of Plan Assets
Information for Pension Plans with an ABO in Excess of Plan Assets
 
December 31
 
2018
 
2017
ABO
$
1,826

 
$
2,134

Fair value of plan assets
1,547

 
1,699
Pension Plans with a PBO in Excess of Plan Assets
Information for Pension Plans with a PBO in Excess of Plan Assets
 
December 31
 
2018
 
2017
PBO
$
2,038

 
$
2,480

Fair value of plan assets
1,727

 
2,011
Components of Net Periodic Benefit Cost
Components of Net Periodic Benefit Cost
 
Pension Benefits
 
Other Benefits
 
Year Ended December 31
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Service cost
$
36

 
$
41

 
$
42

 
$
11

 
$
12

 
$
11

Interest cost
128

 
129

 
148

 
28

 
32

 
33

Expected return on plan assets(a)
(166
)
 
(156
)
 
(158
)
 
—

 
—

 
—

Recognized net actuarial loss
47

 
57

 
52

 
1

 
1

 
—

Settlements and curtailments
136

 
7

 
1

 
—

 
—

 
—

Other
(7
)
 
(9
)
 
(9
)
 
(3
)
 
(2
)
 
(1
)
Net periodic benefit cost
$
174

 
$
69

 
$
76

 
$
37

 
$
43

 
$
43

(a)
The expected return on plan assets is determined by multiplying the fair value of plan assets at the remeasurement date, typically the prior year-end adjusted for estimated current year cash benefit payments and contributions, by the expected long-term rate of return.
Weighted-Average Assumptions Used to Determine Net Cost
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31
 
Pension Benefits
 
Other Benefits
 
Projected 2019
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Discount rate
3.40
%
 
3.23
%
 
3.19
%
 
3.91
%
 
3.91
%
 
4.29
%
 
4.59
%
Expected long-term return on plan assets
4.39
%
 
4.50
%
 
4.46
%
 
4.84
%
 
—

 
—

 
—

Rate of compensation increase
3.08
%
 
2.27
%
 
2.29
%
 
2.32
%
 
—

 
—

 
—


Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31
 
Pension Benefits
 
Other Benefits
 
2018
 
2017
 
2018
 
2017
Discount rate
3.40
%
 
3.10
%
 
4.50
%
 
3.91
%
Rate of compensation increase
3.08
%
 
2.27
%
 
—

 
—
Estimated Future Benefit Payments
Over the next ten years, we expect that the following gross benefit payments will occur:
 
Pension Benefits
 
Other Benefits
2019
$
209

 
$
60

2020
219

 
62

2021
218

 
63

2022
224

 
64

2023
219

 
63

2024-2028
1,096

 
275
Principal plan assets as of 2018  
Pension Plan Assets of the Principal Plans Measured at Fair Value
 
Fair Value Measurements at December 31, 2018
 
Total
Plan Assets
 
Assets at Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Assets at Significant
Observable
Inputs
(Level 2)
 
Assets at Significant
Unobservable
Inputs
(Level 3)
Cash and Cash Equivalents
 
 
 
 
 
 
 
Held directly
$
15

 
$
15

 
$
—

 
$
—

Held through mutual and pooled funds measured at net asset value
45

 
—

 
—

 
—

Fixed Income
 
 
 
 
 
 
 
Held directly
 
 
 
 
 
 
 
U.S. government and municipals
161

 
145

 
16

 
—

U.S. corporate debt
196

 
—

 
196

 
—

International bonds
13

 
—

 
13

 
—

Held through mutual and pooled funds measured at net asset value
 
 
 
 
 
 
 
U.S. government and municipals
479

 
—

 
—

 
—

U.S. corporate debt
593

 
—

 
—

 
—

International bonds
494

 
—

 
—

 
—

Equity
 
 
 
 
 
 
 
Held directly
 
 
 
 
 
 
 
U.S. equity
30

 
30

 
—

 
—

International equity
31

 
31

 
—

 
—

Held through mutual and pooled funds measured at net asset value
 
 
 
 
 
 
 
Non-U.S. equity
73

 
—

 
—

 
—

Global equity
448

 
—

 
—

 
—

Insurance Contracts
347

 
—

 
—

 
347

Other
11

 
9

 
—

 
—

Total Plan Assets
$
2,936

 
$
230

 
$
225

 
$
347
Principal plan assets as of 2017  
Pension Plan Assets of the Principal Plans Measured at Fair Value
 
Fair Value Measurements at December 31, 2017(a)
 
Total
Plan Assets
 
Assets at Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Assets at Significant
Unobservable
Inputs
(Level 3)
Cash and Cash Equivalents
 
 
 
 
 
Held directly
$
28

 
$
28

 
$
—

Held through mutual and pooled funds measured at net asset value
24

 
—

 
—

Fixed Income
 
 
 
 
 
Held directly
 
 
 
 
 
U.S. government and municipals
522

 
522

 
—

Held through mutual and pooled funds measured at net asset value
 
 
 
 
 
U.S. government and municipals
150

 
—

 
—

U.S. corporate debt
686

 
—

 
—

International bonds
665

 
—

 
—

Equity
 
 
 
 
 
Held directly
 
 
 
 
 
U.S. equity
41

 
41

 
—

International equity
47

 
47

 
—

Held through mutual and pooled funds measured at net asset value
 
 
 
 
 
Non-U.S. equity
85

 
—

 
—

Global equity
730

 
—

 
—

Insurance Contracts
334

 
—

 
334

Total Plan Assets
$
3,312

 
$
638

 
$
334


(a)
There were no plan assets measured at Level 2.